Srinagar, Feb 07 : Since the abrogation of Article 370 in 2019, Minister of State in the Ministry of Home Affairs, Nityanand Rai, revealed that Jammu and Kashmir has witnessed investments exceeding Rs 5600 crore across various sectors.
Rai in a written reply to Rajya Sabha said the Government has notified the New Central Sector Scheme for Industrial Development of Union Territory of Jammu & Kashmir on 19/02/2021 so as to attract investors to make capital investments.
He said that this has been supplemented by the policies/schemes, to boost investment in the UT of Jammu and Kashmir, which include, J&K Industrial Policy 2021-30, J&K Industrial Land Allotment Policy, 2021-30, J&K Private Industrial Estate Development Policy 2021-30, Policy for Promotion of Foreign Investment in Industrial Sector in J&K, 2022, J&K Single Window Rules, 2021, Turnover Incentive Scheme, 2021, J&K Wool Processing, Handicrafts and Handloom Policy, 2020, Financial Support Scheme for Cooperatives/Self Help Groups, 2020, Credit Card Scheme for Artisans and Weavers, 2020 and Kharkhandar Scheme for Development of Craft Sector in J&K, 2021, Revised Education Scheme 2022 for Artisans/Weavers of Handicrafts and Handloom Department and Export Subsidy Scheme, 2021.
“The impact of the steps have enabled investment of Rs 296.64 in 2019-20, Rs 412.74 in 2020-21, Rs 376.76 in 2021-22, Rs 2153.45 in 2022-23 and Rs 2417.19 in 2023-24. The investments in various sectors like tourism, processing etc. and infrastructure such as construction, roads, power etc. will boost the development of Union Territory of Jammu and Kashmir,” he added.
